{"id":146823,"date":"2024-08-26T13:00:22","date_gmt":"2024-08-26T06:00:22","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/my-brother-has-fallen-victim-to-the-retirement-home-transfer-fee-money-grab\/"},"modified":"2024-08-28T13:33:26","modified_gmt":"2024-08-28T06:33:26","slug":"my-brother-has-fallen-victim-to-the-retirement-home-transfer-fee-money-grab","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/my-brother-has-fallen-victim-to-the-retirement-home-transfer-fee-money-grab\/","title":{"rendered":"My brother has fallen victim to the retirement home transfer fee money grab"},"content":{"rendered":"


\nHe and others continue to be fleeced by an \u2018indefensible revenue stream\u2019 set up by freeholdersIn 2022 my brother bought a flat in a retirement complex built by McCarthy Stone. A year later he had to move to a care home because of cognitive difficulties, and I am now having to sell his flat on his behalf to pay for his care fees. The managing agent, FirstPort, is demanding 1% of the sale price without explanation. That\u2019s on top of the approximately \u00a37,000 annual service charge he has had to pay for the year he was no longer living there. Unfortunately, he signed up for the flat when his condition had just started to take effect, and I don\u2019t believe he was aware of what he was agreeing to.AS, LondonWhat FirstPort is demanding is a transfer fee, also known as an \u201cevent\u201d or \u201cexit\u201d fee. It bedevils contracts across the retirement sector and, in many cases, including your brother\u2019s, is devised solely to ensure an income stream for the freeholder. None of the money is used for maintenance and service costs. It\u2019s a similar, indefensible, money grab to that of the ground rents which line the pockets of landlords. Continue reading…
\n
\nSource : theguardian.com
\nRead more…My brother has fallen victim to the retirement home transfer fee money grab<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

He and others continue to be fleeced by an \u2018indefensible revenue stream\u2019 set up by...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-146823","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-Cc7","jetpack-related-posts":[{"id":126263,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/why-wont-a-property-management-firm-accept-weve-moved\/","url_meta":{"origin":146823,"position":0},"title":"Why won\u2019t a property management firm accept we\u2019ve moved?","date":"May 2, 2022","format":false,"excerpt":"\r FirstPort sent a reader service charge bills for Taylor Wimpey home months after they movedLast summer we moved house from a Taylor Wimpey home we had lived in since it was built. 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The\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":166480,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/leasehold-wild-west-under-scrutiny-as-minister-criticises-firstports-fees-and-failures\/","url_meta":{"origin":146823,"position":1},"title":"Leasehold \u2018wild west\u2019 under scrutiny as minister criticises FirstPort\u2019s fees and failures","date":"December 4, 2025","format":false,"excerpt":"\r Exclusive: Senior minister raises \u2018significant concerns\u2019 over one of UK\u2019s biggest property managers A senior minister has said he has \u201csignificant concerns\u201d about one of Britain\u2019s biggest property managers after dozens of residents complained of high charges, slow repairs and aggressive debt collection techniques.It is the latest sign of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":67836,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/flat-fee-realtors\/","url_meta":{"origin":146823,"position":2},"title":"Flat-fee realtors","date":"September 29, 2017","format":false,"excerpt":"\r Reporter Diana Olick finds a new company offering all real estate services for a set fee of $3,200. 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